Deposits

Besides the facilities of opening Current Deposit/Savings Bank Deposit/regular Recurring Deposit and Fixed Deposit accounts, customers in UCO Bank are provided with a number of well thought out deposit schemes, tailor made to suit different needs of different people - each in its own way maximizing the benefits for the depositor.

Charges for closure of a/c within 12 months.

New Deposit Scheme titled "UCO No-frills Savings Bank Account"

In order to include a larger cross-section of the population, who are at the bottom of the pyramid, to avail of the banking services who could not avail of the same on account of some restrictive clauses, namely, minimum initial deposit for opening of the account which is difficult to arrange by such population, maintenance of minimum balance failing which charges are levied etc., it has been felt expedient to introduce a new Savings Deposit Scheme titled "UCO No-frills Savings Bank Account". The salient features of the scheme so designed are as follows :

Initial deposit for opening the account and maintenance of minimum balance - The account can be opened with a minimum initial deposit of Rs.5/-. In case of cheque facility being availed by the account holder, the minimum initial balance should be Rs.250/-. In case of need, the balance in the account may be allowed to go even below the minimum initial deposit and the account may continue even with "Zero" balance.

Opening of Account under the scheme - The scheme is introduced in all metro, urban, semi-urban and rural categories of branches without making any differentiation with regard to amounts of initial deposit and maintenance of minimum balance as prevailing at present for opening of Savings Bank Accounts.

Eligibility for opening "No-frills Savings Bank Account" - The eligibility for opening "No-frills" Account will be the same as that for opening an ordinary Savings Bank Account. Persons above the age 10 and below 18 years and are able to read and write may also open a minor no-frills savings account in his own name or jointly with any other person.

Restriction of number of withdrawals/debit entries in "No-frills" Account - upto 25 debit entries in a half-year are allowed free in those accounts. In case the debit entries exceed 25 during a half-year, charges will be levied @ Rs.3/- per additional entry during a half-year.

Charges to be levied -

For accounts opened with initial deposits of Rs.250/- for having Cheque Book facility, in case the balance comes down below the initial deposit even upto zero balance, usual charge for non-maintenance of initial deposit shall be levied.

For standing instructions - no charge will be levied.

Collection of cheques and issuance of Demand Drafts/MTs are permitted in those accounts and normal charges are to be levied for those services.

For accounts with cheque book facility, one cheque book of 20 leaves to be provided free of charge in each year. Any additional requirement of cheque leaves during a year will attract a charge of Rs.2/- per cheque leaf.

No incidental and folio charges will be levied in these accounts.

All other charges for services as presently applicable for normal Savings Bank Account are to be levied and recovered.

Compliance of KYC Guidelines -
Simplified KYC procedures for opening of Accounts as advised through Bank's Circular No. CHO/SUA/39/2005-06 dated 29.08.2005 may be adhered to. The salient features of the Circular are mentioned hereunder for ready reference : In case, the person concerned who wants to open the account is not able to produce any of the specified documents, required to be verified at the time of opening of account to establish the identity and address of the customer, the account may be opened for those persons subject to compliance of the following :

Introduction from another account holder who has been subjected to full KYC procedure. The introducer's account with the bank should be at least six month old and should show satisfactory transactions. Photographs of the customer who proposes to open the account and also his address need to be certified by the introducer. or

Furnishing any other evidence as to the identity and address of the customer to the satisfaction of the bank. However, while opening such accounts the customer should be made aware that if at any point of time, the balance in all his/her accounts with the bank (taken together) exceeds Rs.50,000/- or total credits in the accounts exceed Rs.1.00 lakh in a year, no further transaction will be permitted in the account until full KYC procedure in regard to verification of identity and address of the customer through the documents as specified are complied with.

Fixed Deposit:

A long term fixed deposit scheme. Interest is compounded every quarter by way of reinvestment. Thus the scheme generates a large sum of money at the time of maturity. The scheme meets the need for a safe long term investment.

Title of the scheme

Period of operation of the Scheme

The scheme would be open for the general public from 16th December 2013 and the scheme has been converted into normal term deposit scheme.

Eligibility to Open Account

Eligible Depositors under the scheme would be same as eligible depositors Fixed Deposit Scheme currently available in the Bank.

KYC (Know your Customers)

KYC Norms for opening account are applicable for these accounts and hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s.

Period of Deposit

5 years

Amount of Deposit

a) Minimum Amount: Rs. 50,000 (thereafter in multiples of Rs.10000/-)

b) Maximum Amount: Upto Rs.100 lac

Rate of Interest

As applicable under the normal term deposit for a period of 5 years

Payment of Interest

Monthly Interest Plan - Simple Interest rate will be paid without any discounting and credited on the first day of the next month of opening 'UCO Monthly Income Scheme'.

Premature Withdrawal

In all cases of premature withdrawals, the interest would be payable at 1 % below the applicable card rate under the normal fixed deposit has remained with the Bank as on the date of deposit and not at the contractual rate.

Loan/Overdraft against the Deposits

Facility for availing loan/overdraft against 'UCO Monthly Income Scheme' would be available as per existing guidelines for availing loan/overdraft against Bank's own Fixed Deposits.

Nomination

The facility of nomination would be available under the scheme.

Payment to Nominee/ Legal Heirs

In the event of the death of the depositor, the deposit would be paid to nominee/legal heirs as per existing rules.

Participating Branches

All branches of the Bank would be authorized to open 'UCO Monthly Income Scheme' accounts under the Scheme.

Application Form

The existing Application Form for fixed Deposits is to be used for accepting deposit under the scheme.

The branches shall invariably take an undertaking from customer stating that "I have read, understood and accept the terms & conditions of 'UCO Monthly Income Scheme'.

Automatic Renewals

In the absence of any specific mandate provided by the depositor at the time of opening of account, the maturity proceeds may be transferred to SB/CA of the depositor /renewed for a certain period at card rate of interest prevailing at the time of maturity.

Tax Implications

Tax would be deductible at source as per the prevailing Income Tax rules.

Transferability

The'UCO Monthly Income Scheme' is not transferable.

However, the deposits are transferable from one branch to another branch in the same name(s) would be permissible without any change and as per the existing Bank's procedure.

Deposits from under-mentioned categories of depositors shall be allowed incentive as per the existing norms.

Acceptance of Deposit under the scheme

Deposits under the scheme would be accepted only when accruing as a fresh Fixed Deposit for the Bank.

In other words, the existing Fixed Deposits cannot be directly renewed under the scheme through a premature extension as usual and the existing Fixed Depositors who wish to convert into the scheme would have to compulsorily take premature payment of their existing deposits and pay the usual penal charge for pre mature closure.

However, any existing Fixed Deposit maturing during the scheme period would be eligible to enter into the scheme as it would be a fresh deposit for the Bank under the scheme.

Applicability of normal Fixed Deposit Rules

Other than the special terms and conditions of the scheme, the deposits under the scheme would be governed as per the normal Fixed Deposit Rules of the Bank.

Product Code under CBS

A separate Product Code under the CBS system for the scheme would be created by Head Office, DIT.

Further, Head Office, DIT would be circulating the "Job Card for 'UCO Monthly Income Scheme' containing the guidelines for the branches for opening the required account in CBS for operationalizing the scheme.

UCO Tax Saver Deposit Scheme 2006 is a Term Deposit Scheme with maturity of not less than 5 years subject to lock in period of 5 years.

Who can open the Account -

An individual for himself

Hindu undivided family ;

Jointly by two adults or jointly by an adult and a minor, and payable to either of the holders or to the survivor :

In the case of deposits in joint names, the benefit under section 80C of the Income Tax Act shall be available only to the first holder of the deposit.

Amount of Deposit -

Minimum Rs.100/- and maximum Rs.1.5 lac in a year (1st April to 31st March).

Period of deposite and payment on maturity -

The period of deposit under the scheme shall be not less than five years.

Rates of interests on Fixed Deposits under the UCO TAX SAVER Scheme, where the deposit has to be essentially kept for a period of 5 years, will be the rate for term deposit for a period of 5 years.

Income Tax Benefits -

Deposit under the scheme is eligible for deduction under Section 80C of the Income Tax Act upto a maximum limit of Rs.1.5 lac (subject to the overall ceiling of Rs.1.5 lac alongwith other deductions already available under 80C)

Nomination facility- available

Transfer from one branch to another -permitted. Inter bank transfer not allowed.

Loan against the deposit and Pledging of term deposit receipt - Not allowed

Issue of Duplicate Term Deposit Receipt - Duplicate receipts may be issued in accordance with the guidelines in this regard.

Applicability of Income Tax on Interest Income - Interest on these term deposits shall be liable to tax under the Income Tax Act.

A FIXED DEPOSIT WHOLLY AT YOUR BENEFIT

Deposits are accepted under reinvestment plan with the difference that a part of the deposit can be prematurely encashed without affecting the remaining portion that continues to earn interest at the agreed rate. Withdrawal is allowed in multiples of Rs.5000/-. It is indeed a matchless scheme to take care of your emergency needs.

Accounts in Foreign Currency:

Eligibility

Type of Account

Interest

Currency of the Account

Account may be opened in US Dollars, Great Britain Pound, Euro and Japanese Yen.

Minimum Balance to be maintained

US Dollars

US$ 500/-

GBP

GBP 325/-

Euro

Euro 500/-

Japanese Yen

JPY 60,000/-

Maximum Amount/Balance in the Account

There will be no upper ceiling on the balances held in the account.

Joint Accounts

Joint RFC (D) account can be opened with a resident eligible to open RFC (D) account.

Nomination Facility

Nomination facility is permitted.

Permitted Credits in the Account

Foreign exchange acquired by the Resident Individual:

while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or

from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation; or

by way of honorarium or gift while on a visit to any place outside India; or

represents the unspent amount of foreign exchange acquired by him from an authorised person for travel abroad.

foreign exchange earned and/or gifts received from close relatives (as defined in the Companies Act) and repatriated to India through normal banking channels by resident individuals. Foreign exchange earnings could be through export of goods and/or services, royalty, honorarium, etc.

Permitted Debits in the Account

Debits to the account shall be for payment towards current/capital account transactions in accordance with the existing foreign exchange regulations only.

Eligibility

Type of Account

Currency of the Account

Account may be opened in US Dollars, Great Britain Pound, Euro and Australian Dollar.

Minimum Amount

US Dollars

US$ 5,000

GBP

GBP 3,000

Euro

Euro 4,000

AUD

AUD 7,000

Interest

Please contact our domestic or overseas branches.

Tenure of Deposits

For the period from one month onwards.

Funds for Opening the Account

Funds can be remitted by Resident Individuals through our ‘A’ & ‘B’ category Indian branches or any other Authorised Dealer in India designated by them for all the remittances under the Scheme in compliance to RBI circular No. A.P. (DIR Series) Circular No. 64 dated February 4, 2004 or as amended from time to time.

Premature withdrawal of deposits

The interest is paid at the rate of half of one percent below the rate for the period for which the deposit has actually remained with the overseas branch, as prevailing on the date of issue/renewal or date of payment, whichever is lower. No interest is paid if the deposit has remained with the overseas branch for less than 30 days.

Loans

No loan is envisaged by RBI under the Scheme.

Local Rules to Apply

All deposits will also be subject to Local Rules in the country of Deposit as prevailing from time to time.

The scheme would be open for the general public from 15 October, 2014
However, the Bank would reserve the right to modify, withdraw or extend the scheme without any prior notice.

4

Eligibility to Open Account

Any existing or new customer complying with the KYC norms will be eligible to open the account in this scheme.

5.

Period of Deposit

1000 days

6.

Amount of Deposit

a) Minimum Amount

:- Rs. 5000/- (thereafter in multiples of Rs . 1000/-)

b) Maximum Amount

:- Rs 500 lac

7.

Rate of Interest

:- General Public - 7.80% per annum (revised w.e.f. 02/11/2015)

8.

Payment of Interest

Interest will be paid only at the time of maturity along with principal with quarterly compounding effect. The compounding would be done quarterly and simple rate of interest would be paid on the compounded amount for the remaining number of days of the above deposit period. In addition to the payment of interest along with the principal at the time of maturity, interest payment (at the option of the customer) is allowed also at quarterly and monthly rests. However, the payment/credit of interest to the account will be subject to TDS as applicable.

9.

Premature Withdrawal

There will be no penalty in case of pre-mature withdrawal of the fixed deposit. However, in above case, interest will be paid at the applicable rate under the normal fixed deposits for the period for which the deposit has remained with the bank as on the date of deposit or present rate, whichever is lower and not at the contractual rate.

10.

Loan/Overdraft against the Deposits

Facility for availing loan/overdraft against ‘UCO Thousand’ Fixed Deposit Scheme would be available as per existing guidelines for availing loan/overdraft against Bank’s own Fixed Deposits.

11.

Nomination

The facility of nomination would be available under the scheme.

12.

Payment to Nominee/ Legal Heirs

In the event of the death of the depositor, the deposit would be paid to the nominee/legal heirs as per the existing rules.

13.

Participating Branches

All branches of the Bank would be authorized to open ‘UCO Thousand’ deposit accounts under the Scheme.

14.

Application Form

The existing Application Form for Fixed Deposits is to be used for accepting deposits under the Scheme. The branches shall invariably take an undertaking from customers stating that “I have read understood and accept the terms and conditions of the UCO Thousand” Fixed Deposit Scheme.

15.

Issue of Term Deposit Receipt

The branch under the Scheme shall issue a fixed deposit receipt for the deposit amount received on our usual form for the Fixed Deposit Receipt. A Rubber Stamp stating “Issued under UCO Thousand” Fixed Deposit Scheme is to be invariably affixed by branches.

16.

Automatic Renewals

In the absence of any specific mandate provided by the depositor at the time of opening of account, the maturity proceeds may be renewed under the same scheme if it is continuing or at the card rate for the same period under normal term deposit if the scheme is discontinued.

17.

Tax Implications

Tax would be deductible at source as per the prevailing Income Tax rules.

18.

Transferability

The deposits are transferable from one branch to another branch in the same name(s) without any charge and as per the existing Bank’s procedure.

Deposits under the Scheme would be accepted only when accruing as a fresh Fixed Deposit for the Bank.

In other words, the existing Fixed Deposits cannot be directly renewed under the scheme through a premature extension as usual and the existing Fixed Depositors who wish to convert into the scheme would have to compulsorily take premature payment of their existing deposits and pay the usual penal charges for premature closure.

However, any existing Fixed Deposit maturing during the scheme period would be eligible to enter into the scheme as it would be a fresh deposit for the Bank under the Scheme.

21.

Applicability of normal Fixed Deposit Rules

Other than the special terms and conditions of the scheme, the deposits under the scheme would be governed as per the normal Fixed Deposit Rules of the Bank.

22.

Product Code under CBS

A separate Product Code under the CBS system for the scheme would be created by Head Office, DIT.

Further, Head Office, DIT would be circulating the “Job Card for UCO Thousand’ Fixed Deposit Scheme containing the guidelines for the branches for opening the required account in CBS for operationalizing the scheme.

Period of operation of the Scheme - The scheme would be applicable from May 10th, 2012.However, the Bank would reserve the right to modify, withdraw or extend the scheme anytime without any prior notice.

Eligibility to Open Account - Eligible Depositors under the Scheme would be same as eligible depositors in Fixed Deposit Scheme currently available in the Bank.

Rate of Interest - 7.80% per annum compounded quarterly (revised w.e.f. 02/11/2015).
The quarterly compounding would be done for the first four quarters and simple rate of interest would be paid on the compounded amount after the four quarters for the remaining number of days of the above deposit period.
In addition to the payment of interest along with the principal at the time of maturity, Interest payment (at the option of the customer) is allowed also at quarterly and monthly rests.
Under Monthly Income Plan and in sync to our existing 'Normal Fixed Deposits' under Monthly rests, the interest on such deposits will be paid monthly at discounted rate/s.

Premature Withdrawal - In all cases of premature withdrawals, the interest would be payable at 1% below the applicable rate under the normal fixed deposits for the period for which the deposit has remained with the Bank as on the date of deposit or present rate, whichever is lower and not at the contractual rate.

Loan/Overdraft against the Deposits - Facility for availing loan/overdraft against UCO Dhan-Laxmi Fixed Deposit Scheme would be available as per existing guidelines for availing loan/overdraft against Bank's own Fixed Deposits.

Nomination - The facility of nomination would be available under the Scheme.

Payment to Nominee/Legal Heirs - In the event of the death of the depositor, the deposit would be paid to the nominee/legal heirs as per the existing rules.

Automatic Renewals - In the absence of any specific mandate provided by the depositor at the time of opening of account, the maturity proceeds may be renewed under the same scheme if it is continuing or at the card rate for the same period under normal term deposit if the scheme is discontinued.
However, wherever no specific instructions are received from the depositors. Maturity proceeds will be renewed for a period of 1 year under Banks Normal Term Deposit Scheme.

Tax Implications - Tax would be deductible at source as per the prevailing Income Tax rules.

Transferability - The deposit is not transferable.

However, the deposits are transferable from one branch to another branch in the same name(s) would be permissible without any charge and as per the existing Bank's procedure.

Special benefits for Senior Citizen/ Staff/ Ex-Staff/ Senior Citizen & Ex-Staff - Deposits from these categories of depositors shall be allowed incentive as per the existing norms. Accordingly, the applicable rates for these special categories would be as under:

The overall ceiling in amount for Ex-Staff/Ex-Staff Senior Citizen for being eligible for higher rate under the scheme shall be equal to the terminal benefits plus Rs. 10 lac, as usual.

Acceptance of Deposits under the Scheme - Deposits under the Scheme would be accepted only when accruing as a fresh Fixed Deposit for the Bank.
In other words, the existing Fixed Deposits cannot be directly renewed under the scheme through a premature extension as usual and the existing Fixed Depositors who wish to convert into the scheme would have to compulsorily take premature payment of their existing deposits and pay the usual penal charges for premature closure.
However, any existing Fixed Deposit maturing during the scheme period would be eligible to enter into the scheme as it would be a fresh deposit for the Bank under the Scheme.

Applicability of normal Fixed Deposit Rules - Other than the special terms and conditions of the scheme, the deposits under 'UCO Dhan-Varsha' would be governed as per the normal Fixed Deposit Rules of the Bank.

Period of operation of the Scheme - Period of operation of the Scheme - The scheme would be applicable from May 1st, 2012. However, the Bank would reserve the right to modify, withdraw or extend the scheme anytime without any prior notice.

Eligibility to Open Account - Eligible Depositors under the Scheme would be same as eligible depositors in Fixed Deposit Scheme currently available in the Bank.

KYC (Know Your Customers) Norms - KYC Norms for opening account are applicable for these accounts and hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s.

Period of Deposit - Deposit invested under UCO Double will double in 112 months for General and 105 months for Senior Citizen wef 02-11-2015.

Amount of Deposit

Minimum Amt. : Rs. 5000/- (thereafter in multiples of Rs.1000/-)

Maximum Amt. : Upto Rs. 100 lac

Payment of Interest - Payment of Interest :-Interest will be paid only at the time of maturity along with principal with quarterly compounding effect.
The compounding would be done quarterly and simple rate of interest would be paid on the compounded amount for the remaining number of days of the above deposit period. However, the payment/credit of interest to the account will be subject to TDS as applicable.

Premature Withdrawal - In all cases of premature withdrawals, the interest would be payable at 1% below the applicable card rate under the normal fixed deposits for the period for which the deposit has remained with the Bank as on the date of deposit and not at the contractual rate.

Loan/Overdraft against the Deposits - Facility for availing loan/overdraft against 'UCO DOUBLE' deposit scheme would be available as per existing guidelines for availing loan/overdraft against Bank's own Fixed Deposits.

Nomination - The facility of nomination would be available under the scheme.

Payment to Nominee/Legal Heirs - In the event of the death of the depositor, the deposit would be paid to the nominee/legal heirs as per the existing rules.

Participating Branches - All branches of the Bank are authorized to open the 'UCO DOUBLE' deposit accounts under the Scheme.

Automatic Renewals - Automatic renewals In the absence of any specific mandate provided by the depositor at the time of opening of account, the maturity proceeds may be renewed under the same scheme if it is continuing or at the card rate for the same period under normal term deposit if the scheme is discontinued.

Tax Implications - Tax would be deductible at source as per the prevailing Income Tax rules.

Transferability - The deposit is not transferable.
However, the deposits are transferable from one branch to another branch in the same name(s) would be permissible without any charge and as per the existing Bank's procedure.

Special benefits for Senior Citizen/Staff /Ex-Staff/Senior Citizen & Ex-Staff - Deposits from under-mentioned categories of depositors shall be allowed incentive as per the existing norms. Accordingly, the applicable rates for these special categories would be as under:

The overall ceiling in amount for Ex-Staff/Ex-Staff Senior Citizen for being eligible for higher rate under the scheme shall be equal to the terminal benefits plus Rs. 10 lac, as usual.

Acceptance of Deposits under the Scheme - Deposits under the Scheme would be accepted only when accruing as a fresh Fixed Deposit for the Bank.
In other words, the existing Fixed Deposits cannot be directly renewed under the scheme through a premature extension as usual and the existing Fixed Depositors who wish to convert into the scheme would have to compulsorily take premature payment of their existing deposits and pay the usual penal charges for premature closure.
However, any existing Fixed Deposit maturing during the scheme period would be eligible to enter into the scheme as it would be a fresh deposit for the Bank under the Scheme.

Applicability of normal Fixed Deposit Rules - Other than the special terms and conditions of the scheme, the deposits under 'UCO Double' would be governed as per the normal Fixed Deposit Rules of the Bank.

The scheme would be open for the general public from 5th December, 2013 and will remain valid up to 30th June, 2014. However, the Bank would reserve the right to modify, withdraw or extend the scheme without any prior notice.

4

Eligibility to
Open Account

Eligible Depositors under the Scheme would be same as eligible depositors in Fixed Deposit Scheme currently available in the Bank.

5.

KYC (Know Your Customers) Norms

KYC Norms for opening account are applicable for these accounts and hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s.

6.

Period of
Deposit

200 days

7.

Amount of Deposit

a)
Minimum Amount

:- Rs. 5000/- (thereafter in multiples of Rs. 1000/-)

b)
Maximum Amount

:- Upto Rs. 500 lac

8.

Rate of
Interest

:- General Public:- 9.05% per annum

9.

Payment of
Interest

Interest will be paid only at the time of maturity along with principal with quarterly compounding effect.
The quarterly compounding would be done for the first two quarters and the simple rate of interest would be paid on the compounded amount after the two quarters for the remaining number of days of the above deposit period.
However, the payment/credit of interest to the account will be subject to TDS as applicable.

10.

Premature Withdrawal

In all cases of premature withdrawals, the interest would be payable at 1% below the applicable card rate under the normal fixed deposits for the period for which the deposit has remained with the Bank as on the date of deposit and not at the contractual rate.

11.

Loan/Overdraft
against the
Deposits

Facility for availing loan/overdraft against 'UCO Double Century' Fixed Deposit Scheme would be available as per existing guidelines for availing loan/overdraft against Bank's own Fixed Deposits.

12.

Nomination

The facility of nomination would be available under the scheme.

13.

Payment to
Nominee/ Legal Heirs

In the event of the death of the depositor, the deposit would be paid to the nominee/legal heirs as per the existing rules.

14.

Participating Branches

All branches of the Bank would be authorized to open 'UCO Double Century' deposit accounts under the Scheme.

15.

Application Form

The existing Application Form for Fixed Deposits is to be used for accepting deposits under the Scheme. The branches shall invariably take an undertaking from customers stating that "I have read understood and accept the terms and conditions of the UCO Double Century" Fixed Deposit Scheme.

16.

Issue of
Term Deposit Receipt

The branch under the Scheme shall issue a fixed deposit receipt for the deposit amount received on our usual form for the Fixed Deposit Receipt. A Rubber Stamp stating "Issued under UCO Double Century" Fixed Deposit Scheme is to be invariably affixed by branches.

17.

Automatic Renewals

No auto renewal is permitted under 'UCO Double Century' FD Scheme. However, on specific mandate of the depositor at the time of opening of 'UCO Double Century', the maturity proceeds may be transferred to SB/CA of the depositor / renewed for a certain period at card rate of interest prevailing at the time of maturity (copy enclosed as Annexure I(B).

18.

Tax Implications

Tax would be deductible at source as per the prevailing Income Tax rules.

19.

Transferability

The deposit is non-transferable. However, the deposits are transferable from one branch to another branch in the same name(s) without any charge and as per the existing Bank's procedure.

Deposits under the Scheme would be accepted only when accruing as a fresh Fixed Deposit for the Bank.

In other words, the existing Fixed Deposits cannot be directly renewed under the scheme through a premature extension as usual and the existing Fixed Depositors who wish to convert into the scheme would have to compulsorily take premature payment of their existing deposits and pay the usual penal charges for premature closure.

However, any existing Fixed Deposit maturing during the scheme period would be eligible to enter into the scheme as it would be a fresh deposit for the Bank under the Scheme.

22.

Applicability of
normal Fixed
Deposit Rules

Other than the special terms and conditions of the scheme, the deposits under the scheme would be governed as per the normal Fixed Deposit Rules of the Bank.

23.

Product Code
under CBS

A separate Product Code under the CBS system for the scheme would be created by Head Office, DIT.

Further, Head Office, DIT would be circulating the "Job Card for UCO Double Century" Fixed Deposit Scheme containing the guidelines for the branches for opening the required account in CBS for operationalizing the scheme.

Period of operation of the Scheme - The scheme would be open for the general public from June 10th, 2013 and will remain valid up to March 31st, 2014.
However, the Bank would reserve the right to modify, withdraw or extend the scheme without any prior notice.

Eligibility to Open Account - Eligible Depositors under the Scheme would be same as eligible depositors in Fixed Deposit Scheme currently available in the Bank.

KYC (Know Your Customers) Norms - KYC Norms for opening account are applicable for these accounts and hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s.

Payment of Interest - Interest will be paid only at the time of maturity along with principal with quarterly compounding effect.
The quarterly compounding would be done for the first three quarters and simple rate of interest would be paid on the compounded amount after the three quarters for the remaining number of days of the above deposit period. However, the payment/credit of interest to the account will be subject to TDS as applicable.

Premature Withdrawal - In all cases of premature withdrawals, the interest would be payable at 1% below the applicable card rate under the normal fixed deposits for the period for which the deposit has remained with the Bank as on the date of deposit and not at the contractual rate.

Loan/Overdraft against the Deposits - Facility for availing loan/overdraft against 'UCO Dhan-Laxmi Fixed Deposit Scheme' would be available as per existing guidelines for availing loan/overdraft against Bank's own Fixed Deposits.

Nomination - The facility of nomination would be available under the scheme.

Payment to Nominee/ Legal Heirs - In the event of the death of the depositor, the deposit would be paid to the nominee/legal heirs as per the existing rules.

Participating Branches - All branches of the Bank would be authorized to open 'UCO Dhan-Laxmi' deposit accounts under the Scheme.

Application Form - The existing Application Form for Fixed Deposits is to be used for accepting deposits under the Scheme.
The branches shall invariably take an undertaking from customers stating that "I have read understood and accept the terms and conditions of the UCO Dhan-Laxmi Fixed Deposit Scheme".

Automatic Renewals - No auto renewal is permitted under 'UCO Dhan-Laxmi FD Scheme'.
However, on specific mandate of the depositor at the time of opening of 'UCO Dhan-Laxmi', the maturity proceeds may be transferred to SB/CA of the depositor /renewed for a certain period at card rate of interest prevailing at the time of maturity (copy enclosed as Annexure II).

Tax Implications - Tax would be deductible at source as per the prevailing Income Tax rules.

Transferability - The deposit is non-transferable.
However, the deposits are transferable from one branch to another branch in the same name(s) without any charge and as per the existing Bank’s procedure.

Special benefits for Staff /Ex-Staff Members - Deposits from under-mentioned categories of depositors shall be allowed incentive interest rates as per existing norms. Accordingly, the applicable rates for these special categories under 'UCO Dhan-Laxmi' would be as:-

(*Incentive rate for Senior Citizen category is applicable only for deposits less than Rs. 1 cr.)
The overall ceiling in amount for Ex-Staff/Ex-Staff members for being eligible for higher rate under the scheme shall be equal to the terminal benefits plus Rs. 10 lac, as usual.

Acceptance of Deposits under the Scheme - Deposits under the Scheme would be accepted only when accruing as a fresh Fixed Deposit for the Bank.
In other words, the existing Fixed Deposits cannot be directly renewed under the scheme through a premature extension as usual and the existing Fixed Depositors who wish to convert into the scheme would have to compulsorily take premature payment of their existing deposits and pay the usual penal charges for premature closure.
However, any existing Fixed Deposit maturing during the scheme period would be eligible to enter into the scheme as it would be a fresh deposit for the Bank under the Scheme.

Applicability of normal Fixed Deposit Rules - Other than the special terms and conditions of the scheme, the deposits under the scheme would be governed as per the normal Fixed Deposit Rules of the Bank.

Period of operation of the Scheme - The scheme would be open for the general public from 3 March,2014 and will remain valid up to 31st March, 2014.
However, the Bank would reserve the right to modify, withdraw or extend the scheme without any prior notice.

Eligibility to Open Account - Eligible Depositors under the Scheme would be same as eligible depositors in Fixed Deposit Scheme currently available in the Bank.

KYC (Know Your Customers) Norms - KYC Norms for opening account are applicable for these accounts and hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s.

Period of Deposit : 111 days

Amount of Deposit

Minimum Amount : Rs. 5000/- (thereafter in multiples of Rs. 1000/-)

Maximum Amount :Upto Rs. 500 lac

Rate of Interest - General Public:- 9.20% per annum

Payment of Interest -Interest will be paid only at the time of maturity along with principal with simple rate of interest effect.
However, the payment/credit of interest to the account will be subject to TDS as applicable.

Premature Withdrawal - In all cases of premature withdrawals, the interest would be payable at 1% below the applicable card rate under the normal fixed deposits for the period for which the deposit has remained with the Bank as on the date of deposit and not at the contractual rate.

Loan/Overdraft against the Deposits - Facility for availing loan/overdraft against 'UCO TRIPLE ONE' Fixed Deposit Scheme would be available as per existing guidelines for availing loan/overdraft against Bank's own Fixed Deposits.

Nomination - The facility of nomination would be available under the scheme.

Payment to Nominee/ Legal Heirs - In the event of the death of the depositor, the deposit would be paid to the nominee/legal heirs as per the existing rules.

Participating Branches - All branches of the Bank would be authorized to open 'UCO TRIPLE ONE' deposit accounts under the Scheme.

Application Form - The existing Application Form for Fixed Deposits is to be used for accepting deposits under the Scheme.
The branches shall invariably take an undertaking from customers stating that "I have read understood and accept the terms and conditions of the UCO TRIPLE ONE' Fixed Deposit Scheme.

Issue of Term Deposit Receipt - The branch under the Scheme shall issue a fixed deposit receipt for the deposit amount received on our usual form for the Fixed Deposit Receipt.
A Rubber Stamp stating "Issued under UCO TRIPLE ONE' Fixed Deposit Scheme is to be invariably affixed by branches.

Automatic Renewals - No auto renewal is permitted under 'UCO TRIPLE ONE' FD Scheme.
However, on specific mandate of the depositor at the time of opening of 'UCO TRIPLE ONE', the maturity proceeds may be transferred to SB/CA of the depositor / renewed for a certain period at card rate of interest prevailing at the time of maturity (copy enclosed as Annexure I(B).

Tax Implications - Tax would be deductible at source as per the prevailing Income Tax rules.

Transferability -The deposit is non-transferable.
However, the deposits are transferable from one branch to another branch in the same name(s) without any charge and as per the existing Bank's procedure.

Acc eptance of Deposits under the Scheme - Deposits under the Scheme would be accepted only when accruing as a fresh Fixed Deposit for the Bank.
In other words, the existing Fixed Deposits cannot be directly renewed under the scheme through a premature extension as usual and the existing Fixed Depositors who wish to convert into the scheme would have to compulsorily take premature payment of their existing deposits and pay the usual penal charges for premature closure.
However, any existing Fixed Deposit maturing during the scheme period would be eligible to enter into the scheme as it would be a fresh deposit for the Bank under the Scheme.

Applicability of normal Fixed Deposit Rules - Other than the special terms and conditions of the scheme, the deposits under the scheme would be governed as per the normal Fixed Deposit Rules of the Bank.

Product Code under CBS - A separate Product Code under the CBS system for the scheme would be created by Head Office, DIT.
Further, Head Office, DIT would be circulating the "Job Card for UCO TRIPLE ONE' Fixed Deposit Scheme containing the guidelines for the branches for opening the required account in CBS for operationalizing the scheme.

A FIXED DEPOSIT WITH CHEQUE FACILITY

This Term Deposit earns high interest and simultaneously offers overdraft facility through a Current Account. Cheque facility is available for withdrawal of money limited to 90% of the deposit. The drawals together with interest can be paid back in instalments, without affecting the growth of the deposit. This unique combination of fixed deposit with cheque facility comes as your true friend in meeting your emergency needs.

MAKES YOUR IDLE MONEY GROW

This deposit scheme is devised to invest the surplus fund that you may keep in your Savings Bank or Current Account. Under the scheme, the surplus fund is invested in short term deposits for 46 days, and then is either paid back or renewed, as desired by you. The deposit earns a high interest while retaining its liquidity. The periodical transactions can be automatic as per your instructions. By making use of your idle money, the scheme provides you an option to meet both your short term and long term requirements.

For all term deposits (domestic/NRE), from Senior Citizens of age 60 years and above and deposit amount of less than Rs. 1 crore, an additional interest of 0.25 and 0.50 per cent over the normal rate of interest will be payable on maturity periods upto one year and above one year respectively. This will be applicable for fresh term deposits and renewals.

Verification of Age:

For the purpose of verification of age, at the time of opening a new term deposit account of a Senior Citizen, the branches should satisfy about the age by verifying any of the following documents :-

Secondary School Leaving Certificate indicating date of birth,

LIC Policy,

Voters Identity Card,

Pension Payment Order,

Birth Certificate issued by the competent authority,

Passport, or

Any other document acceptable to the branches

Renewal of Accounts of Senior Citizens

Once the age of a Senior Citizen is verified for accepting a term deposit under this special scheme, bank shall not seek proof of age for renewal of the deposit or for accepting subsequent term deposits from the same depositor under this special scheme.

Treatment of Joint Depositors

For term deposits from Senior Citizens jointly, with other person below the age of sixty years, under this special scheme, it has to be ensured that the name of the Senior Citizen is noted as the first name in the application for such deposits.

Automatic Transfer to Nominee

For this special deposit scheme for Senior Citizens, there will be automatic transfer of deposits to the nominees of such depositors in the event of death of the depositor.

Eligibility for Members of Staff

Branches may pay additional interest to our retired staff members, who are senior citizens on their fresh term deposits and on renewals of existing term deposits as follows:

Period of Deposit

Normal Staff Privilege

As a Senior Citizen

Total extra interest

All Terms

1%

0.25%

1.25%

There is no restriction in regard to the minimum amount. However, the amount of maximum deposit shall be equal to the Terminal benefits plus Rs. 10 lacs per ex-staff member.

Senior Citizens also enjoy the following facilities :-

a)Waiver of Penalty for Premature Withdrawal :For all fresh term deposits and renewals under the Special Deposit Scheme for Senior Citizens, there will be no penal rate for premature withdrawal of term deposits. However, interest rate applicable in case of premature withdrawal of deposit will be the rate as prevailing at the time of opening the deposit account and as applicable for the period for which the deposit was actually kept with the bank.

(b)Free Remittance Facility :All deposit holders under the Special Deposit Scheme for Senior Citizens will be offered free remittance facility up to Rs. 5000/- (Rupees five thousand only) per month i.e. without payment of any commission. However, to avail of this free service, requisite funds to be remitted must be routed through the depositors Current or Savings account.

(c)Loan Facility :Depositors under this scheme will be eligible for loans as per Bank's guidelines.

UCO Sunshine Recurring Deposit Scheme with add-on benefits like anywhere banking, standing instructions etc., is designed to give additional facilities to those customers who desire to make a SYSTEMATIC INVESTEMENT PLAN on a monthly basis with higher returns and to accumulate a pre-determined corpus in a specified period.

Who can open

A person in his/her own name OR

Two or more person, in their joint names.

By a natural guardian, i.e father or mother on behalf of the minor, by guardian appointed by court.

Age of the Accountholder

Minors above 5 years represented by their Parents/Guardians.

Resident Indians above 18 years of age and not exceeding 65 years as on date of opening of the accounts.